Category Archives: Philip N. Diehl

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An Unclassified Peek Inside Fort Knox Gold Depository

An Unclassified Sneak Peak inside the Fort Knox Gold Depository

By Philip N. Diehl, exclusively for CoinWeek …..
The public image of the United States Bullion Depository at Fort Knox, Kentucky, was cemented in the 1964 movie Goldfinger. The four-story vaults of shining chrome bar-encased gold, suspended staircases, and vast interior are now classic Hollywood images of what our imaginations want Ft. Knox to look like.

The reality is very different.

I’ve been inside, one of the few people allowed inside over the past 40 years. The Mint’s stated policy is that the “Depository is a classified facility. No visitors are allowed, and no exceptions are made.” Even former Presidents have been turned away. goldfinger3But in 1974, United States Mint Director Mary Brooks led 130 press Representatives and members of Congress into the Depository to debunk rumors that the vault was empty.

I remember hearing these rumors at home in Texas. Ed Busch, of WFAA radio in Dallas, fanned the flames of suspicion to great effect, finally forcing the Treasury Department to open the vault (by the way, I’m confident the gold is there, but the idea that anyone could look at a stack of gold bars and be reassured that, in fact, “the gold is all there” is amusing).

Emphasis on “Fort”

From the outside, the Depository appears to be a concrete, Depression-era structure. Nothing special, unlike the Fort Knox of Hollywood fame.

But, it IS well protected.

There are concentric rings of defenses, starting with the two-story vault itself. The vault is small, less than 4000 square feet, and two stories high. Its walls are two feet thick and constructed of concrete-encased steel plates, steel I-beams, and steel cylinders laced with hoop bands. The vault walls and roof are separated from the Depository’s outer walls and roof, which are made of granite-lined concrete.

The vault door is blast-, drill-, and torch-proof, 21 inches thick, and weighs in at more than 20 tons. It is set on a 100-hour time clock and is rarely opened. There’s no need; metal is not moved in and out of the vault. The gold used in producing the Mint’s gold coins is held at the West Point Mint.

No one person can open the vault door. As with all vaults, there is an escape door for anyone who might become trapped in the vault. But you might rather wait out the 100-hour clock. The approach to the door is through a narrow tunnel one must crawl through. It opens outside the vault but inside the depository. The escape door only opens from the inside. Four armored guard boxes stand at each corner of the building and armored sentry boxes flank the entrance gate. The facility has stand-alone emergency power, water, and other systems on site.

The next ring of protection is the heavily armed and highly profession members of the United States Mint Police Force, who can engage intruders from inside the fortress to beyond the outer steel fence. Between the walls of the Depository and the outer perimeter lie rings of razor wire and mine fields, monitored by high-resolution, night-vision video cameras, and microphones. treasuryThe Depository sits on the Fort Knox Army post at the corner of Bullion Boulevard and Gold Vault Road (no kidding).

When I was Mint Director, the post offered additional protection in the form of the 194th Armored Brigade, helicopter gunships, artillery, and, as I recall, 25,000 soldiers. I know that Fort Knox has gone through significant downsizing over the past decade, so I’m uncertain how much of this firepower is available today.

During my visit, I asked if anyone had been crazy enough to try to penetrate these awesome defenses. I was told that, on one or two occasions, an inebriated soldier, looking for a shortcut back to base from a local bar and not knowing where he was, had attempted to climb the outer fence. You can imagine the sobering effect the floodlights, alarms, and booming speakers would have had on the unfortunate fellow.

Fort Knox Today

Today, Fort Knox holds about 4,600 metric tons of gold worth close to $200 billion dollars – 2.5% of all the gold ever refined over the course of human history. But dring World War II, the Depository held more than four times its current holdings.

But gold might not have been the most valuable asset held by the Depository. Over the years, Fort Knox has protected copies of the Gutenberg Bible, the Magna Carta, the Declaration of Independence, the United States Constitution, and the Gettysburg Address, among other priceless artifacts. On a grimmer note, during the Cold War, morphine and opium were stored at the Depository in case they were need in huge quantities after a nuclear exchange with the Soviet Union.

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Ten Notable US Mint Directors and What They Are Known For

By Charles Morgan and Hubert Walker for CoinWeek …..   #1. David Rittenhouse (April 1792 – June 1795) The term “polymath” is usually employed to describe the United States Mint’s first director, David Rittenhouse. He was a mathematician, a philosopher, an astronomer, a surveyor, a master clock maker, and a patriot. At all but the […]

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The Real Diehl: The Inside Story of the Sacagawea Dollar

The Real Diehl is a select column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ….. This series of articles will give readers an insider’s view of how Washington, DC, works (and doesn’t work) from my perspective as director of the U.S. Mint The complete story of how the Sacagawea dollar (aka, the Golden dollar) […]

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Prototype Reverse Cheerios Dollar Sells for Over $8,000 at GreatCollections

On Sunday, September 11, GreatCollections.com offered a very interesting lot consisting of a 2000-P Sacagawea Cheerios Dollar graded MS 68 PCGS and a Cheerios Lincoln Cent graded MS 65 – along with the original Card of Issue. With a limited number of sets distributed, it was an unusual opportunity to purchase a rare pattern type. […]

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Greg Allen new ACTF Steering Committee chair

World Mint Work Group joining anti-counterfeiting effort
Industry Council for Tangible Assets (ICTA) Chairman Philip N. Diehl has announced the appointment of Greg Allen as chair of the Anti-Counterfeiting Task Force (ACTF) Steering Committee

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Greg Allen New Anti-Counterfeiting Task Force Steering Committee Chair: ICTA

World Mint Work Group joining anti-counterfeiting effort By Industry Council for Tangible Assets ……   Industry Council for Tangible Assets (ICTA) Chairman Philip N. Diehl has announced the appointment of Greg Allen as chair of the Anti-Counterfeiting Task Force (ACTF) Steering Committee. ACTF Steering Committee members serve as leaders of more than a dozen Work […]

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Three receive ACTF Al Kreuzer Memorial Award from ICTA’s Anti-Counterfeiting Task Force

The Industry Council for Tangible Assets (ICTA) recognized three individuals on August 2 for their outstanding contributions in the effort to combat counterfeit coins and currency, and for their support of the Anti-Counterfeiting Task Force (ACTF).
Philip N

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CoinWeek Podcast #74: Former U.S. Mint Director Talks About the Realities of Gold Ownership

CoinWeek Podcast #74: Former U.S. Mint Director Talks About the Realities of Gold Ownership Mobile phone users. Stream this podcast for free by downloading the podomatic app or subscribe to the CoinWeek Podcast on iTunes. Philip Diehl was the director of the United States Mint from 1994-2000. During his tenure, Diehl brought wholesale changes to the way […]

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Meet Former Mint Director Philip Diehl at ANA World’s Fair of Money

By Industry Council for Tangible Assets (ICTA) …… Meet former U.S. Mint director Philip N. Diehl in person at the 2017 American Numismatic Association (ANA) World’s Fair of Money in Denver! From Diehl’s creation of the popular 50 State Quarters program to his launch of the first-ever U.S. government–issued platinum coin, he is considered one […]

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Consumer Protection News – Anti-Counterfeit Task Force Formed

Beth Deisher Hired as Director By Industry Council for Tangible Assets ….. The Industry Council for Tangible Assets (ICTA) has formed a task force to mobilize law enforcement resources to protect the integrity of U.S. coinage by educating officials on the economic impact and growing threat counterfeit circulating, collectible and bullion coins pose to the […]

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The Real Diehl: The Inside Story of the Sacagawea Dollar

The Real Diehl is a select column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ……….. This series of articles will give readers an insider’s view of how Washington, DC, works (and doesn’t work) from my perspective as director of the U.S. Mint. The complete story of how the Sacagawea dollar (aka, the Golden dollar) […]

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Bullion & Precious Metals News – ICTA Names New Officers

By Industry Council for Tangible Assets …… At its Board of Directors meeting last week in Anaheim, California, the Industry Council for Tangible Assets (ICTA) installed its new officers for 2016–2018. Former U.S. Mint director Philip N. Diehl, currently the president of U.S. Money Reserve in Austin, Texas, was named as the new chairman. Diehl […]

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CoinWeek Podcast #4: CoinWeek: It’s Time for the United States to Eliminate the Cent – Audio: 6:12

Former Director of the United States Mint Philip N. Diehl believes that the one cent coin has outlived its usefulness. The last time the one cent coin became too costly to make, the mint changed the coin’s composition, replacing copper with zinc. That was in 1982. A recent Mint study found that no change in […]

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The Real Diehl: Let’s Get Real About the Issue of First Strike Coinage

The Real Diehl is a regularly-appearing column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ……….. Are There Really “First Strikes”, “ Releases”, and “Early Releases®”? I read with interest Michael Bugeja’s July 7 CoinUpdate article about “first releases” and “Early Releases®”  and the readers’ comments that followed. I’ve been asked about these labels, and […]

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Philip Diehl Talks About the US Gold & Silver Bullion Program During His Term. VIDEO: 3:27

Philip N. Diehl, Former US Mint Director Interviewer: Charles Morgan, CoinWeek.com……. In this six part interview, Coinweek Content Manager Charles Morgan talks with Philip N. Diehl , who was the Director of the United States Mint from 1993 until 2000. In this part ONE of the  interview, Mr. Diehl talks about the state of the […]

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The Real Diehl: The Inside Story of the Sacagawea Dollar

The Real Diehl is a weekly column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ……….. This is the second in a series of articles in which I give readers an insider’s view of how Washington, DC, works (and doesn’t work) from my perspective as director of the U.S. Mint. The complete story of how […]

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The Real Diehl: An Unclassified Peek Inside Fort Knox

The Real Diehl is a weekly column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ………..  The public image of the United States Bullion Depository at Fort Knox, Kentucky, was cemented in the 1964 movie Goldfinger. The four-story vaults of shining chrome bar-encased gold, suspended staircases, and vast interior are now classic Hollywood images of […]

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The Real Diehl: An Insider’s View of the Mint: Launching the Sacagawea Dollar

The Real Diehl is a weekly column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ……….. The U.S. Mint works closely with the Federal Reserve, so I’m occasionally asked what I think of the Fed. I should start by saying I’m not a Fed-basher. No doubt, I’m in the minority with this opinion, but I […]

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The Real Diehl: Gold as Wealth Insurance

The Real Diehl is a weekly column by former United States Mint Director Philip N. Diehl, exclusively for CoinWeek ……….. I described in my last article how gold’s core value proposition is as wealth insurance. In this article I’ll address why understanding gold as wealth insurance, rather than as just another investment alternative, is crucial to understanding why gold […]

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